MGP Ingredients, Inc. (NASDAQ:MGPI) Shares Acquired by Principal Financial Group Inc.

Principal Financial Group Inc. increased its stake in shares of MGP Ingredients, Inc. (NASDAQ:MGPI) by 2.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,133 shares of the company’s stock after buying an additional 1,499 shares during the quarter. Principal Financial Group Inc. owned about 0.33% of MGP Ingredients worth $2,061,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its stake in shares of MGP Ingredients by 56.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,913 shares of the company’s stock worth $75,000 after acquiring an additional 687 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its holdings in MGP Ingredients by 58.3% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,996 shares of the company’s stock valued at $79,000 after purchasing an additional 735 shares during the last quarter. GAMMA Investing LLC grew its position in MGP Ingredients by 114.8% during the 1st quarter. GAMMA Investing LLC now owns 1,497 shares of the company’s stock worth $44,000 after purchasing an additional 800 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of MGP Ingredients by 21.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,662 shares of the company’s stock valued at $223,000 after buying an additional 1,015 shares during the last quarter. Finally, Quarry LP acquired a new position in shares of MGP Ingredients in the 4th quarter valued at about $75,000. 77.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MGPI has been the topic of several analyst reports. Truist Financial dropped their target price on MGP Ingredients from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, April 24th. Wells Fargo & Company dropped their price objective on shares of MGP Ingredients from $40.00 to $37.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 2nd. Finally, Wall Street Zen lowered shares of MGP Ingredients from a “hold” rating to a “sell” rating in a report on Saturday, May 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, MGP Ingredients presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.33.

MGP Ingredients Stock Performance

NASDAQ MGPI opened at $30.03 on Friday. The stock has a market capitalization of $638.74 million, a price-to-earnings ratio of 66.73 and a beta of 0.32. The stock has a 50-day moving average of $30.64 and a 200 day moving average of $31.60. The company has a current ratio of 2.83, a quick ratio of 0.76 and a debt-to-equity ratio of 0.35. MGP Ingredients, Inc. has a twelve month low of $25.12 and a twelve month high of $92.52.

MGP Ingredients (NASDAQ:MGPI) last announced its earnings results on Thursday, May 1st. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.31 by $0.05. The firm had revenue of $121.65 million for the quarter, compared to analyst estimates of $119.14 million. MGP Ingredients had a return on equity of 12.48% and a net margin of 1.66%. The business’s revenue was down 28.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.07 EPS. Sell-side analysts anticipate that MGP Ingredients, Inc. will post 5.56 EPS for the current fiscal year.

MGP Ingredients Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 30th. Stockholders of record on Friday, May 16th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.60%. The ex-dividend date of this dividend was Friday, May 16th. MGP Ingredients’s dividend payout ratio is presently 106.67%.

Insider Activity at MGP Ingredients

In other news, Director Martin Roper acquired 15,000 shares of MGP Ingredients stock in a transaction that occurred on Thursday, May 8th. The stock was purchased at an average cost of $33.10 per share, with a total value of $496,500.00. Following the purchase, the director owned 18,180 shares in the company, valued at $601,758. This trade represents a 471.70% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 34.40% of the company’s stock.

About MGP Ingredients

MGP Ingredients, Inc, together with its subsidiaries, engages in the production and supply of distilled spirits, branded spirits, and food ingredients in the United States and internationally. The company operates through three segments: Distillery Solutions; Branded Spirits; and Ingredient Solutions.